FHA Requirementst Are Changing!

FHA is implementing new guidelines. As of January 1, 2009, all FHA loans will require a 3.5% down payment. The current requirement is 3.0%. So, for instance on a $200,000 loan, the extra .5% down payment would cost you an additional $1,000! Any FHA loan that has had a case number assigned prior to January 1, 2009 will only require the 3% down payment.